March 24, 2020 / 1:12 PM / 7 days ago

Germany: We'll take measures to revive economy as soon as businesses reopen

German Finance Minister Olaf Scholz addresses the media during a joint news conference with Economy Minister Peter Altmaier (not pictured) to reveal details of a supplementary budget to counter the impact of the coronavirus disease (COVID-19) outbreak, in Berlin, Germany, March 23, 2020. Michael Sohn/Pool via REUTERS

BERLIN (Reuters) - German Finance Minister Olaf Scholz said in a letter to lawmakers from his Social Democrat (SPD) party that the government would take steps to support Europe’s largest economy as soon businesses opened again.

“As soon as pubs, cinemas and shops can open again, we will take targeted measures to revive the economy,” Scholz said in the letter seen by Reuters.

Chancellor Angela Merkel’s cabinet on Monday agreed an unprecedented package worth over 750 billion euros ($811.13 billion) to mitigate the direct impact of the coronavirus pandemic, with the federal government aiming to take on new debt for the first time since 2013.

Economy Minister Peter Altmaier told reporters on Tuesday the aid package was just an initial step in tackling the coronavirus crisis.

($1 = 0.9246 euros)

Reporting by Holger Hansen; Writing by Michelle Martin

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